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What is Land LayBy Blockchain?

It is a trusted shared distributed ledger for recording land buying and selling transactions that can never be altered, corrupted, forged or replicated in error. A normal land acquiring process involves:

1. Identification of land interest via a real estate agent or directly through the owner.
2. Assume due diligence on the title deed
3. Draft and sign a sale agreement
4. Transfer payments
5. Registration of transfer
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The process and the transaction look fairly easy and straightforward but the devil is in the details of the documents and the third parties. Cases of fake Land Titles/allotment letters, modified search results by corrupt land officials working in cahoots with the real estate agency or the Land owner/agent, have made the simple legal process of buying/selling land in Kenya a laborious endeavour.

Moreso due to the paperwork involved the process is prone to errors which may be very costly to rectify in terms of money and time.

Land Layby land/land options registry on blockchain shall contain an up to date information about a particular land that includes:

1. history of ownership
2. details of transactions
3. the chronology of searches
4. the rates, stamp duty and other incidental charges on the land
5. information relating to leasehold or freehold status. This makes Land Layby land registry a mirror of what is in the Land registry hence speeding up the process of decision-making from the buyer and saving time and money.

Why is it called Land LayBy Blockchain?

A block consist of all details that pertain a certain piece of land which include: History of ownership, Nature of the land and Location. Once a block space is exhausted with transactions, a new block is created. A block consist of all details that pertain a certain piece of land which include: History of ownership, Nature of the land and Location. Once a block space is exhausted with transactions, a new block is created and they are linked together through clever mathematics and cryptography. The result is a linear and chronological order referred to as Blockchain. Each time a block gets completed, a new block is generated. There is a countless number of such blocks in the blockchain. The use of cryptography to secure and chain data in the blocks creates an immutable record that is unchangeable by design.

Land LayBy Blockchain is comprised of 4 fundamental components;

Smart Contracts

This is the business logic or conditions that are necessary for a transaction to happen. When a buyer purchases a block of land, the completion date will require that the buyer and the seller exchange the settlement amount for completion documents.

This is the business logic or conditions that are necessary for a transaction to happen. When a buyer purchases a block of land, the completion date will require that the buyer and the seller exchange the settlement amount for completion documents. failure to which several outcomes can be invoked and automatically enforced without the need for a middleman. The buyer can automatically be refunded if the seller fails to deliver the completion documents on time. If both conditions are met, then the next logical step is automatically enforced. Other use-case application in the Land LayBy Blockchain include managing of referrals that become a customer, and automatically executing a logic that awards value to the referring customer. This self-execution cannot be influenced even by Land Layby employees. Smart Contracts create automation of process hence enforces the integrity of doing business.

Shared Ledger

A shared ledger is a log of transactions in a business network, that is identical for all participants in that network. A buy/sale transaction of land can involve all of the following; a buyer/seller, real estate agency, surveyor, notary and government officials.

A shared ledger is a log of transactions in a business network, that is identical for all participants in that network. A purchase/sale transaction of land can involve all of the following; a buyer/seller, real estate agency, surveyor, notary and government officials. All these entities take an individual role to facilitate the smooth execution of the purchase/sale transaction. Each maintain a separate, secure and central repository of their role in the purchase/sale of the land in interest. Although the central repository is inaccessible to others without their permission, there is the risk of self-manipulation of the records for selfish reasons. Managing and merging these multiple records is time consuming and may introduce fatal errors in the process. Land LayBy Blockchain technology facilitates posting of such records to an open and public ledger that can be accessed by all participants at the same time.

Privacy

Permission can be applied in the Land LayBy Blockchain, enabling it to show data "for their eyes only" that cannot be shown to other participants in the business network. Land LayBy Blockchain platform facilitates multi levels of permission.

Permission can be applied in the Land LayBy Blockchain, enabling it to show data "for their eyes only" that cannot be shown to other participants in the business network. Land LayBy Blockchain platform facilitates multi levels of permission that increases the privacy of the transaction. For instance, if there is an entity that is not supposed to see the financial part of the sale, Land LayBy Blockchain platform facilitate this level of permissioning.

Trust

Data in Land LayBy Blockchain is immutable. The platform offers a security on data and transaction by design.

The Benefits of Land LayBy Blockchain include:

How will Land LayBy's Blockchain revolutionize the Real Estate Industry?

Increase on Speed of transactionsReal estate transactions may involve a multi-disciplinary team, whose red tape prolongs the completion dates of the transactions.Read more

Real estate transactions may involve a multi-disciplinary team, whose red tape prolongs the completion dates of the transactions. Land LayBy Blockchain platform will bring all the players under one roof, who will retrieve information from a shared database thereby significantly reducing the time taken to complete a transaction and transfer ownership from one entity to the other.

Curb rampant fraudReal estate is one of the best ways to make money, unfortunately, the fraudsters are well aware of this fact too.Read more

Real estate is one of the best ways to make money, unfortunately, the fraudsters are well aware of this fact too. Fraud through fake deeds and corruption at government agencies have made land as an investment vehicle in Kenya less attractive compared to other investments. This fraudulent practice is common in developing countries where the land registry is not well managed. It is a significant pain point to these developing economies. By recording all details of a piece of land and digitizing ownership document on the blockchain, Land LayBy Kenya Ltd will reduce cases of fraud facilitating safer investment.

Increase transparencySince the entire transaction will be recorded on the blockchain, any platform user with privilege rights can be able to check and cross-check the documents, transactions and history of ownership.Read more

Since the entire transaction will be recorded on the blockchain, any platform user with privilege rights can be able to check and cross-check the documents, transactions and history of ownership. This will increase transparency since the platform will also act as a community police that enforces the set rules on the Land LayBy Blockchain platform community.

Increase investment value by reducing costs

Since Land LayBy Blockchain is powered by smart contracts, most of the fees charged by intermediaries will be done away with, meaning the extra cost will not be passed to the investor. This will allow fair pricing with better and promising returns.

Help create the first Blockchain Land RegistryLand LayBy Blockchain land registry will mirror the records at the Ministry of Lands registry, pioneering and paving ways on how land data should be recorded.
Since our platform is comprehensive, it's centripetal design ensures future adoption by other real estate entities including the Ministry itself as a gold standard. MVP ( Betaversion will be ready by early June 2019)